Five years ago, I would have been the “LAST” chick to tell anyone about living on a budget. However, ya girl is pretty rigid about her money these days. These days, I know every transaction that hits my checking account to the last hot penny. Yes, that takes discipline, more importantly that takes organization. It has taken years for me to understand that I have to run my life the way CEOs run a business. But don’t get me wrong. I truly enjoy the finer things in life. I mean, check my blogs past, it is clear that I love to “Ball”! However, several things made me change my outlook on how I spend my money. The most important factor in my change was a constant, burning desire to see it GROW!!! One might ask, “how can someone make their money grow, living paycheck to paycheck with no saving account in sight. Well, I challenge you to take a very close look at your spending habits.
You may think you know everything that goes in and out of your bank account. It’s all inside your head right? Of course you might have forgotten about that 30 day free subscription that you signed up for 2 months ago. Oh and remember that one weekend you blew at least 50% of your paycheck at the Casino/Mall/Strip Club? Hey….no judgement here. To each his own. Even if this money was all disposable income, some of it, at least a small portion could have been slid away to build up for a rainy day. I’ve compiled a few tips of my own that may help stash away some bread for the unexpected.
- open a savings account in a bank that is located in an inconvenient location. (Absolutely the easiest way to accumulate wealth)
So, listen. This part is very important. We typically select banks that are close to either home or work. You will NEVER be able to build wealth, if you keep putting your hands in the cookie jar. I was not able to keep ANY money for myself until I opened a savings account in a bank that was NOT in close proximity to my house or my job. You can have a small portion of your paycheck directly deposited into the new account. It’s so simple and you NEVER even see it.
- Pay yourself $20 a day, or week or even just every two weeks according to your pay cycle. Imagine saving just $20 a week for 52 weeks. At the end of the year you would have accumulated $1,040. I don’t know about you, but I could think of a lot of things that I could do with that kind of dough. Consider the last deposit as the last payment towards your annual gift payout. Be creative with it. Fund a trip or finally afford yourself the luxury of a piece of jewelry or even use as a down payment on a new car. (I mean if you gotta be all sensible and responsible. then pay an extra payment on your car note) Uuhhh, not my favorite option though
- My last tip to stash some cash is my favorite. Income tax payments, for some, are an emotional influx of cash that allows us to live our wildest dreams….well maybe not for those of us that owe. But you get my point. Once I took $1,000 of my income tax refund, slid it into an envelope and gave it to my aunt. I asked her to keep it for me and not to allow me to have it back for at least a year. I actually forgot all about it. A year later she reminded me that she still had my money and asked me if I wanted it back. I was so impressed with myself. Well, actually, the truth is, I called her because I needed new tires on my car and I’d just remembered that I had that sweet little stash to draw from.
I hope these tips helped. Saving money and watching it grow is at the forefront my passions. I’m always devising new and interesting ways to hold onto the money that I work very hard for. Join me in my journey. Feel free to post your thoughts about interesting ways that you have found to save and grow your own money. Email me your thoughts at melaninpot@gmail.com
The Melanin Pot!!! 